A is corrent. The requirement is to identify the required disclosure for related-party transactions. Per ASC Topic 850, for related-party transactions an entity must disclose the nature of the relationship involved, a description of the transactions, the dollar amounts of the transactions for each of the periods, amounts due from or to related parties as of each balance sheet date, and the terms and manner of settlement.
B is incorrect. The requirement is to identify the required disclosure for related-party transactions. Per ASC Topic 850, for related-party transactions an entity must disclose the nature of the relationship involved, a description of the transactions, the dollar amounts of the transactions for each of the periods, amounts due from or to related parties as of each balance sheet date, and the terms and manner of settlement.
B is incorrect. The requirement is to identify the required disclosure for related-party transactions. Per ASC Topic 850, for related-party transactions an entity must disclose the nature of the relationship involved, a description of the transactions, the dollar amounts of the transactions for each of the periods, amounts due from or to related parties as of each balance sheet date, and the terms and manner of settlement.
D is incorrect. The requirement is to identify the required disclosure for related-party transactions. Per ASC Topic 850, for related-party transactions an entity must disclose the nature of the relationship involved, a description of the transactions, the dollar amounts of the transactions for each of the periods, amounts due from or to related parties as of each balance sheet date, and the terms and manner of settlement.
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